Inflation goes up

INFLATION went up again in July, with the annual inflation rate recorded at 1,7 per cent up from the annual inflation rate for June, which was at 1,3 per cent.

This marks a rise in the two consecutive months of June and July. Although compared on a monthly basis the inflation rate was high, the rate this July at 1,7 per cent was much lower than that of the same period last year, which was at 4,3 per cent.The monthly inflation rate for July stood at 0,8 per cent – an increase of 0,6 percentage points over the June rate of 0,2 per cent.June and July have seen the inflation rate surging compared to the all-time low recorded for May, which was recorded at below the one per cent level by the Central Bureau of Statistics (CBS).The all-items index for July as estimated at 122,6 up from 121,6 of June.The annual inflation rate for the main groups making up the Namibia Consumer Price Index (NCPI) in July were registered as follows: food and non-alcoholic beverages at 0,3 per cent; housing, water, electricity and fuel at 1,1 per cent and transport at 4,9 per cent.The food and non-alcoholic beverages index also saw an increase which the CBS, in its latest NCPI bulletin, attributed to increases recorded in the subgroup indices of bread and cereal, fish, sugar and jam.According to the CBS, the NCPI population coverage is extended to include all Namibian households in both the rural and urban areas and is complied by comparing the prices of the goods and services with the prices that prevailed in December 2001.The index measures the rate at which the prices of consumer goods and services change monthly and prices are collected from more than 650 retail outlets in eight areas.Although compared on a monthly basis the inflation rate was high, the rate this July at 1,7 per cent was much lower than that of the same period last year, which was at 4,3 per cent.The monthly inflation rate for July stood at 0,8 per cent – an increase of 0,6 percentage points over the June rate of 0,2 per cent.June and July have seen the inflation rate surging compared to the all-time low recorded for May, which was recorded at below the one per cent level by the Central Bureau of Statistics (CBS).The all-items index for July as estimated at 122,6 up from 121,6 of June.The annual inflation rate for the main groups making up the Namibia Consumer Price Index (NCPI) in July were registered as follows: food and non-alcoholic beverages at 0,3 per cent; housing, water, electricity and fuel at 1,1 per cent and transport at 4,9 per cent.The food and non-alcoholic beverages index also saw an increase which the CBS, in its latest NCPI bulletin, attributed to increases recorded in the subgroup indices of bread and cereal, fish, sugar and jam.According to the CBS, the NCPI population coverage is extended to include all Namibian households in both the rural and urban areas and is complied by comparing the prices of the goods and services with the prices that prevailed in December 2001.The index measures the rate at which the prices of consumer goods and services change monthly and prices are collected from more than 650 retail outlets in eight areas.